BLS Insights

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But an “advice memo” (CCA 202511015) from the IRS’s Office … Continued

The Corporate Transparency Act took effect in 2024 and required disclosure of beneficial ownership information (BOI) of certain entities. BOI reporting requirements have been suspended and reinstated several times over … Continued

  On February 18, 2025, The U. S. District Court for the Eastern District of Texas lifted the nationwide injunction in the Smith, et al. v. U. S. Department of … Continued

In a turn of events, a federal appeals court issued another ruling that suspends a requirement for businesses to file reports about their beneficial ownership information (BOI). This came just … Continued

On December 23, 2024, the Fifth Circuit Court of Appeals granted a Department of Justice motion to lift an injunction put in place by a district court ruling on December … Continued

New beneficial ownership information (BOI) reporting requirements that many small businesses were required to comply with by January 1, 2025, have been suspended nationwide under a new court ruling. However, businesses … Continued

The reporting of foreign financial assets and accounts has become a familiar part of the federal filing process for many taxpayers. Depending on the circumstances, relevant information must be reported … Continued

President-Elect Trump will take power early next year and it’s still unknown how the tax landscape will change in the coming years. However, businesses have several avenues to explore before … Continued

Many of the Tax Cuts and Jobs Act provisions are set to expire at the end of 2025, absent congressional action. However, with President-Elect Donald Trump set to take power … Continued

The IRS has issued its 2025 inflation-adjusted contribution amounts for retirement plans in Notice 2024-80. Many retirement-plan-related limits will increase for 2025 — but less than in prior years. Thus, depending … Continued